WTI Crude Oil Prices Break Out of Falling Channel

WTI crude oil prices broke out of their falling channel and are now poised to continue their advance towards the next resistance zone around $98.21 to $99.29.

The price has recovered the downtrend line, which is also the top boundary of a falling channel, and has triggered a bullish reversal signal on a move above the lower swing high of $94.34.

Both signals confirm the completion of the recent bearish correction and continuation of a developing bullish trend.

The price zone around $94.34 may remain as resistance and lead to the first pullback after the recovery of the downtrend line, with potential support areas including the prior high of $88.64 and the 20-day moving average at $86.85 and rising.